Even as Infosys — India's second largest IT services exporter — searches for a new CEO, the business risks of transition will be significantly reduced due to the presence of chairman N R Narayana Murthy, the annual report of the IT major released on Thursday stated.

Infosys executive vice-chairman S Gopalakrishnan said, “The CEO transition is an important move that the board has to act on in the coming year. With Murthy as executive chairman, the risk in the transition is reduced.”

Infosys, which has been undergoing a painful transition process, has got the clarion call from chairman Murthy with a request for every Infoscion to think big and act boldly. “The task ahead is simple to state. It is to increase the competitiveness of Infosys in the market to achieve industry leading growth and margin,” he said in his letter to shareholders on Thursday.

The IT major has already announced the search of a new CEO to succeed SD Shibulal. The annual report said that the nomination and governance committee has begun the search to select the successor to S D Shibulal, CEO & MD, who has expressed his desire to retire either on the date of the last board meeting or before his superannuation.